Baker Hughes expects continued growth in liquefied natural gas activities

2023-10-03 15:56:33

Baker Hughes CEO Lorenzo Simonelli said in an interview with Sky News Arabia that he expects liquefied natural gas activity to continue to grow in the coming years, pointing to great opportunities for exporting it from North America thanks to the abundance of natural gas.

“There is continuous growth in liquefied natural gas, and we see that liquefied gas is not only a transitional fuel, but rather a fuel for the coming period… There are many opportunities in North America to be able to provide energy to the world thanks to the abundance of natural gas, and therefore we are optimistic about the opportunities for natural gas.” Fluids that will remain positive for several years,” Simonelli said.

Baker Hughes, an American oil services company, won an important contract this week to supply equipment to the liquefied natural gas company Venture Global LNG for use in its projects in the United States.

Simonelli believes that liquefied natural gas will play a pivotal role in the energy transition process, helping to secure supplies and reach net-zero emissions.

The CEO of Baker Hughes indicated that the company has had a commitment since 2019 to reach zero emissions, and that it announced a reduction in its emissions by 50 percent by 2030, to reach zero emissions for Scope 1 and 2 by 2050.

“We are well on our way, and we have been able to reduce emissions according to the baseline since 2019 by 28 percent, and we are one of the partners participating in the commitment to reduce emissions… and technology plays an essential role,” Simonelli said.

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Regarding his expectations for the oil market, Simonelli said, “Oil prices have always been volatile, and will remain so,” but he stressed that “demand for oil is still strong, and demand will remain good.”

He pointed out that there is a decline in investments in the field of production, and that what is important now is to work on providing the necessary supplies in order to keep up with demand.

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